Global Smart Fleet Management market trends 2024, Forecast To 2033
4 Mar, 2024
The smart fleet management market size has exhibited robust growth, rising from$419.1 billion in 2023 to$455.32 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The historic growth is attributed to fuel efficiency concerns, safety and driver monitoring, globalization of supply chains, government regulations, and a focus on environmental sustainability, all amid increasing fleet size and complexity. Looking forward, the market is poised for strong growth, reaching$641 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The forecasted expansion is driven by urbanization and smart cities, demand for real-time visibility, cybersecurity measures, insurance premium reduction, and remote diagnostics. Major trends in the forecast period include adoption of telematics and IoT, implementation of predictive analytics, integration with advanced driver assistance systems, integration with cloud-based platforms, and eco-friendly and sustainable practices.
Global Smart Fleet Management Market Key Driver
The increasing sales and production of passenger cars are expected to propel the growth of the smart fleet management market going forward. An automobile is a self-propelled motor vehicle designed for land passenger transportation. Smart fleet management helps passenger cars by improving safety on the road. For instance, in October 2021, according to the European Automobile Manufacturers Association, a Belgium-based lobbying, and standards group of the automobile industry in the European Union, in the first three-quarters of car registrations across the EU climbed 6.6% to reach 7.5 million units. Therefore, increasing sales and production of passenger cars are driving the growth of the smart fleet management market. The 2023, 2024, and 2028 market size values underscore the pivotal role of smart fleet management solutions in enhancing road safety and operational efficiency amid the expanding automotive market, reflecting a rising demand for intelligent vehicle management systems.
Get A Free Sample Of The Global Smart Fleet Management Market ReportGlobal Smart Fleet Management Market Segments
The global smart fleet management market covered in this report is segmented –
1) By Solutions: Vehicle Tracking, Fleet Optimization
2) By Connectivity: Short Range Communication, Long Range Communication, Cloud
3) By Transportation: Automotive, Rolling Stock, Marine
4) By Application: Tracking, ADAS, Optimization, Other Applications
5) By Industry Vertical: Transportation and Logistics, Automotive Industry, Government, Oil and Gas, Other Verticals
By Geography: The regions covered in the smart fleet management market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the smart fleet management market share in 2023. The regions covered in the smart fleet management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Smart Fleet Management Industry Players
Continental Aktiengesellschaft, Denso Corporation, Robert Bosch GmbH, Precious Shipping Public Company Limited, Otto Marine Limited, Cisco Systems Inc., Globecomm Systems Inc., International Business Machines Corporation, Samsung Electronics Co. Ltd., Tech Mahindra Limited, Siemens Aktiengesellschaft, CalAmp Corp., General Motors Company, Infineon Technologies AG, WorkWave LLC, Trimble Inc., Verizon Connect, Geotab Inc., Teletrac Navman US Ltd., Samsara Networks Inc., Omnitracs LLC, Fleet Complete Holdings Ltd., Spireon Inc., Gurtam JLLC, MiX Telematics Limited, Inseego Corp., ORBCOMM Inc., Zonar Systems Inc., GPS Insight LLC, KeepTruckin Inc.
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Smart Fleet Management Market Overview
Smart fleet management refers to a solution that helps manage vehicles with a better platform, safely improves driver behavior under secure control, and saves cost.
Smart Fleet Management Global Market Report 2023 provides data on the global smart fleet management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart fleet management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.